JUDGMENT

M.Y. Eqbal, J. - Leave granted.

2. This appeal by special leave is directed against judgment and order dated 4.2.2013 of the High Court of Judicature at Bombay whereby learned Single Judge allowed the arbitration petition preferred by the respondent under Sections 47 and 48 of the Arbitration & Conciliation Act, 1996 (in short, "the Act"). By the aforesaid petition, respondent had inter alia sought direction to enforce and execute the foreign award dated 18th December, 2009 as decreed in favour of the respondent and against the appellant.

3. The factual matrix of the case is that the appellant is carrying on business at Mumbai inter alia of import and export of commodities and the respondent company is having its office at Singapore. On 20th August, 2008, the appellant through the broker B.B. Rubber Pvt. Ltd. (in short, `Broker') confirmed the offer for purchase of natural rubber RSS-3 (Thailand origin). The respondent issued a sales contract bearing No. 03S8733 for 200 Metric Tons (MT) of Thai RSS-3 at US $2,880 per metric ton, CIF Nhava Sheva, India with payment term 100% against Letter of Credit for shipment in September, 2008. The said sale contract, signed by the represe